Why do I need both funeral cover and life cover?

There are 2 financial products that can help during such a difficult time: funeral cover and life cover. For you to make the right preparations for your financial planning, it’s important to understand what each entails and which benefits they come with.

Understanding funeral cover

Funeral cover is a type of insurance that provides a lump sum to take care of funeral costs and the immediate, short-term costs to support the family after the loss of a loved one. Providing money for funeral expenses means those who remain don’t have to pay for unexpected expenses that could drain their savings or put them in debt.

The benefits of funeral cover from Standard Bank

• You can cover you and your spouse, children, parents and in-laws, as well as extended family members
• The lump sum pay-out can also be used towards additional costs, such as catering, transport and memorial costs
• Receive the money within 48 hours of a claim being processed if all paperwork is in order
• It provides a dignified goodbye without putting immediate and possible long-term financial strain on your family
• Get flexible cover to suit you and your family’s financial situation and monthly budget
• Choose your benefits and optional extras
• No medical tests are needed

Learn more about a Flexible Funeral Plan

Understanding life cover

Life cover is insurance that provides financial security for you and/or your dependants in the event of death from illness or injury. Life cover provides your beneficiaries with a lump sum pay-out that can protect your family’s standard of living (now and in the future), settle your outstanding debt, pay off a home loan or just provide a legacy for those you leave behind. Choosing how much life cover you need is about considering the longer-term costs and your family’s financial situation.

The benefits of life cover from Standard Bank

• Your loved ones won’t have to worry about living expenses
• You can change and add beneficiaries
• Cover requires no full medicals, just one simple blood test which we will arrange
• You can apply for up to R500 000 in cover for you and your spouse
• You can increase your cover at any time
• Get a free quote online
• Get an optional cashback benefit to receive a percentage of premiums paid back to you every 5 years

Learn more about a Flexible Life Plan

Why do you need both?

To create a comprehensive plan that takes care of your immediate and future financial situation. A funeral plan provides short-term financial assistance, often within 48 hours of the claim being processed, specifically for the purpose of covering the costs associated with a funeral. However, after the funeral is over, you want to ensure your loved ones continue to be cared for. That’s why it’s important to get life cover, which pays out a larger lump sum amount that can be used to provide long-term financial security for your loved ones.

_{Disclaimer: This article is solely intended for information. It does not constitute financial, tax or investment advice or recommendation. Please speak to a financial advisor or registered financial professional before making any financial decision(s).}

_{Standard Bank, its subsidiaries or holding company, or any subsidiary of the holding company and all of its subsidiaries make no warranties or representations (implied or otherwise) as to the accuracy, completeness or fitness for purpose of the information provided in this article or that it is free from errors or omissions.}